National Bank of Oman shareholders approve capital raising plan
The issuance timing and pricing is to be determined based on market conditions
By Staff Writer, Times of Oman
Muscat: National Bank of Oman (NBO) held its Extraordinary General Meeting (EGM) with shareholders at the bank’s head office in Azaiba.
The principal agenda item was the approval of the bank’s capital raising plan over the next five years, which includes issuances of additional Tier-1 capital in the region of US$300 million (and/or OMR equivalent) and Tier 2 capital in the region of OMR50 million (and/or USD equivalent).
The shareholders approved the board’s proposal of the above capital raising plan. The issuance timing and pricing is to be determined based on market conditions, and is to be actioned within five years subject to the required regulatory approvals. The shareholders also gave their consent to the Board of Directors of the bank, to take the required steps and actions to implement the above.
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